Note: Both Black Knight and the MBA (Mortgage Bankers Association) are putting out weekly estimates of mortgages in forbearance.
This data is as of November 10th.
From Black Knight: Another Week of Strong Forbearance Improvement
After declining by 5% last week, the number of loans in active forbearance saw another week of strong improvement.
According to the latest weekly snapshot of Black Knight’s McDash Flash daily forbearance tracking data, active forbearance plans fell by 121,000 (-4%) over the last week. Overall, that puts forbearance volumes down 9% (-416,000) since the start of November..
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As of November 10, there are now 2.74 million homeowners in active forbearance plans, representing approximately 5.2% of all active mortgages, down from 5.4% from last week. Together, they represent $559 billion in unpaid principal.
Click on graph for larger image.
Forbearance starts pulled back, with the week’s 68,000 starts marking the lowest weekly total since the first week of October. New forbearance starts (excluding restarts) hit a COVID-era low of just 31,000. Another 98,000 homeowners had their forbearance plans extended this week.
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Of the 2.74 million loans still in active forbearance, 81% have had their terms extended at some point since March.With COVID-19 cases rising across the country, it will be important to keep an eye on unemployment numbers and forbearance starts over the coming weeks. Black Knight will continue to monitor the situation and report our findings on this blog.
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